Insider Case Gets Longest Sentence

By

Chad Bray

Updated June 4, 2012 9:01 p.m. ET

A former corporate lawyer who helped run a long-running scheme to trade on secret deals information from law firms was sentenced to 12 years in prison, the longest term ever imposed in an insider-trading case.

Monday's sentence of Matthew Kluger, 51 years old, exceeds the prison term handed down last year to hedge-fund manager Raj Rajaratnam, who was convicted of insider-trading charges and sentenced to 11 years behind bars in one of...